Identify the errors in the following schedule of cost of merchandise sold for the current year ended
Question:
Identify the errors in the following schedule of cost of merchandise sold for the current year ended July 31,2010:
Transcribed Image Text:
Cost of merchandise sold: Merchandise inventory, July 31, 2010 Purchases Plus: Purchases returns and allowances Purchases discounts Gross purchases Less freight in . Cost of merchandise purchased Merchandise available for sale Less merchandise inventory, August 1, 2009 Cost of merchandise sold. $ 140,000 $975,000 $12,000 20,000 8,000 $995,000 13,500 981,500 $1,121,500 $ 996,500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (14 reviews)
Beginning and ending inventory are switched in the computation Ending inventory shou...View the full answer
Answered By
Talha Talib
I am a member of IEEE society. As i am a student of electrical engineering badge 17 but beside of this i am also a tutor in unique academy. I teach calculus, communication skills, mechanics and economics. I am also a home tutor. My student Muhammad Salman Alvi is a brilliant A-level student and he performs very well in academics when i start to teach him. His weak point was mathematics but now he is performing well in mathematics. I am a scholarship holder in Fsc as i scored 1017 marks in metric out of 1100. Later on i got scholarship in Punjab Group of Colleges. I got 2nd position in robotics competition in 2018 as my project home automation select for the exhibition in Expocentre.
4.60+
23+ Reviews
62+ Question Solved
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Accounting questions
-
Identify the errors in the following trial balance. All accounts have normal balances. Bluefin Co. Unadjusted Trial Balance For the Month Ending August 31, 2012 Debit Credit Balances Balances 45,000...
-
Identify the errors in the following income statement: Keepsakes Company Income Statement For the Year Ended February 29, 2012 Revenue from sales: Sales...... $7,200,000 Add: Sales returns and...
-
Identify the errors in the following trial balance. All accounts have normalbalances. Burgoo Co. Unadjusted Trial Balance For the Month Ending March 31, 2010 Debit Balances Credit Balances Cash...
-
Thinking Tools Services assembles customized personal computers from generic parts. Formed and operated by part-time SVCI students Paulette Cruz and Maureen Luis, the company has had steady growth...
-
The following balances are available for Madison Company: Bonds were issued during 2017 at face value, and plant and equipment were acquired for cash. Depreciation expense for the year was $50,000. A...
-
John is a single individual who works for Auto Rental Cars in Japan during the entire calendar year. His salary is $140,000. How much of this salary can he exclude?
-
An incompressible fluid oscillates harmonically \(\left(V=V_{0} ight.\) \(\sin \omega t\), where \(V\) is the velocity) with a frequency of \(10 \mathrm{rad} / \mathrm{s}\) in a 4-in.-diameter pipe....
-
Calculating the Total Overhead Variance Standish Company manufactures consumer products and provided the following information for the month of February: Units produced.....................131,000...
-
Assume Google want to start its operations in Germany, Google is giving a sale presentation to the Government of Germany 1.How Foreign Direct Investments play roles in Google starting its operation...
-
1. What decisions must Luka make unilaterally and immediately in this situation? 2. What decisions would best be made after consulting with others in the hotel? 3. What decisions could best be made...
-
The following data were extracted from the accounting records of Wedgeforth Company for the year ended November 30, 2010: Merchandise inventory, December 1, 2009 $ 210,000 Merchandise inventory,...
-
For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, and the cost of merchandise sold was $3,000,000. a. What was the amount of net...
-
Complete the following table by entering either the word debit or credit in each column. Assets Liabilities Stockholders' equity Increase Decrease
-
Many salespeople, after being introduced to communication- style concepts, attempt to categorize each of their customers. They report that their relationships become mutually more enjoyable and...
-
Select several advertisements from a trade magazine. Analyze each one and determine which rational buying motives the advertiser is appealing to. Explain whether these advertisements also appeal to...
-
Books have been written explaining hundreds of different closes that salespeople can use. One close that some salespeople commonly use is called the impending doom close. This is one of many closing...
-
You are an accountant who owns and operates an accounting service. You have been contacted by the president of an advertising agency about the possibility of having you audit her business on a...
-
Professor Andersons university has 13,200 students, of which are 7,020 are undergraduates, 4,200 are master students, and 1,800 are Ph.D. students. He decides to randomly select 70 undergraduates, 42...
-
The truss shown in the figure supports force \(F\) at node 2 . The finite element method is used to analyze this structure using two truss elements as shown. a. Compute the transformation matrix for...
-
Refrigerant-134a enters an adiabatic compressor as saturated vapor at 120 kPa at a rate of 0.3 m3/min and exits at 1-MPa pressure. If the isentropic efficiency of the compressor is 80 percent,...
-
Explain why the updating term for the current weight includes the negative of the sign of the derivative (slope).
-
On January 2, THT company acquired 40% of the outstanding stock of First Alert Company for $155,000. For the year ending December 31, first Alert Company earned income of $42,000 and paid dividends...
-
On January 2, Bassett Company acquired 30% of the outstanding stock of Nassim Company for $400,000. For the year ending December 31, Nassim Company earned income of $110,000 and paid dividends of...
-
On January 1, 2012, Valuation Allowance for Trading Investments had a zero balance. On December 31, 2012, the cost of the trading securities portfolio was $ 105,800 and the fair value was $101,600....
-
A restaurant has fixed costs of $ 1 3 2 . 5 0 per day and an average unit cost of $ 4 . 7 5 for each meal served. If a typical meal costs $ 6 , how many customers must eat at the restaurant each day...
-
A machine to manufacture fasteners has a setup cost of $ 1 , 4 0 0 and a unit cost of $ 0 . 0 0 3 for each fastener manufactured. A newer machine has a setup cost of $ 1 , 7 5 0 but a unit cost of...
-
K Tom owns a four-sided lot that lies between two parallel streets. If the lot is 120,000-ft2 and has 500 ft frontage on one street and 300 ft frontage on the other, then how far apart are the...
Study smarter with the SolutionInn App